HD Hyundai Marine Solutions has signed an Memorandum of Understanding (MoU) with HD Hyundai Samho and CMA CGM on standardised life cycle assessment calculations.
At a signing ceremony on Wednesday, HD Hyundai Marine Solution, HD Hyundai Samho and CMA CGM formalised their partnership to develop the “global standard” of life cycle assessment (LCA) methodology for carbon emissions calculations.
An LCA is a comprehensive measurement of the carbon emissions that are produced by a product throughout the entirety of its life cycle – from raw material extraction to use and disposal. The agreement between the HD Hyundai subsidiaries and the French shipper is intended standardise the measurement of carbon emissions at each process in the life cycle of a ship, which is a complicated undertaking.
Under the new partnership, the shipbuilder HD Hyundai Samho and CMA CGM will deliver the life-cycle emissions data to HD Hyundai Marine Solutions, which will cover construction, operation and disposal. HD Hyundai Marine Solutions will utilise this data to develop a standardised emissions measurement methodology for the maritime sector.
Lee Ki-dong, HD Hyundai Marine Solutions CEO, commented on the agreement: “We aim to standardize LCA measurements and integrate them with our eco-friendly ship modification and digital solutions to not only measure but ultimately reduce carbon emissions in shipbuilding and shipping”.
Once published, a standardised and third-party verified LCA report can be used by shipping companies to fulfil the EU’s Corporate Sustainability Reporting Directive (CSRD), which came into effect for large EU-listed companies in 2024.
HD Hyundai Marine Solutions intends for its methodology to be adopted as a global standard for third-party carbon emissions data verification agencies, such as the Korean Standards Association.
Source: HD Hyundai Marine Solutions